UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

__________________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  March 3, 2015


CITIZENS COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)


Maryland
(State or other jurisdiction of incorporation)


001-33003
 
20-5120010
(Commission File Number)
 
(I.R.S. Employer I.D. Number)


2174 EastRidge Center, Eau Claire,
Wisconsin
 
54701
(Address of Principal Executive Offices)
 
(Zip Code)


715-836-9994
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 

  o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
  o
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
  o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
  o
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




 
 

 

Section 1 - Registrant's Business and Operations

Item 1.01.    Entry into a Material Definitive Agreement.

Effective March 3, 2015, each of Citizens Community Federal (the " Bank "), the wholly owned subsidiary of Citizens Community Bancorp, Inc. (the " Company "), and the Company entered a First Amendment to the Employment Agreement with Edward H. Schaefer as the President and Chief Executive Officer of the Bank and the Company extending the term of his Employment Agreement through December 31, 2016.  Additionally, effective as of the same date, the Bank and the Company also entered into a First Amendment to the Employment Agreement with Mark C. Oldenberg as the Chief Financial Officer of the Bank and the Company extending the term of his Employment Agreement through December 31, 2016.

The foregoing description of each amendment does not purport to be complete and is qualified in its entirety by reference to each such First Amendment to the Employment Agreement, copies of which are attached hereto as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and incorporated herein by reference.


Section 9 - Financial Statements and Exhibits

Item 9.01 .   Financial Statements and Exhibits .

(d)    Exhibits.  The following exhibits are being filed or furnished, as applicable, herewith:

10.1 -- Employment Agreement by and between Edward H. Schaefer and Citizens Community Federal and Citizens Community Bancorp, Inc. entered into effective as of March 3, 2015.

10.2 -- Employment Agreement by and between Mark C. Oldenberg and Citizens Community Federal and Citizens Community Bancorp, Inc. entered into effective as of March 3, 2015.


 
 
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


   
CITIZENS COMMUNITY BANCORP, INC.
     
Date: March 5, 2015
 
By:
 
/s/ Mark C. Oldenberg
       
Mark C. Oldenberg
       
Chief Financial Officer


 
 
 
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Exhibit 10.1
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT

 

This FIRST AMENDMENT (" Amendment ") to the Employment Agreement (the  " Employment A greement ") made and entered into effective as of October 28, 2013 by and between CITIZENS COMMUNITY FEDERAL and CITIZENS COMMUNITY BANCORP, INC. (collectively, the " Bank ") and EDWARD H. SCHAEFER (the " Employee "), is entered into effective as of March 3, 2015 by each of the foregoing parties to the Employment Agreement. Capitalized terms not otherwise defined in this First Amendment will have the meanings given to them in the Employment Agreement.
 
In consideration of the mutual promises set forth in the Employment Agreement and below, the undersigned agree to amend the provisions of the Employment Agreement as follows:
 
1.   Effective T ime . Section 6 of the Employment Agreement is hereby amended to read in its entirety as follows:

"6.   T erm . The Bank hereby employs the Employee, and the Employee hereby accepts such employment under this Agreement, for the period commencing on the Effective Date and ending on December 31, 2016 (or such earlier date as is determined in accordance with section 10)."

   2.   No Other C hanges .    All other terms, conditions, covenants, obligations and agreements in the Employment Agreement shall remain in full force and effect and without any change due to this First Amendment. To the extent this First Amendment is inconsistent with the Employment Agreement, this First Amendment shall govern and control.
 

[Remainder of page intentionally left blank; signature pages follow]

 
 
 
 

 


 
IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment to the Employment Agreement to be executed effective as of the day, month and year first above written.
 

CITIZENS COMMUNITY FEDERAL

By: _ /s/ Richard McHugh ___________
Richard McHugh, Chairman

CITIZENS COMMUNITY BANCORP, INC.

By: __ /s/ Richard McHugh _________
Richard McHugh, Chairman


EMPLOYEE:


__ /s/ Edward H. Schaefer __________
Edward H. Schaefer

 



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Exhibit 10.2
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT

 

This FIRST AMENDMENT (" Amendment ") to the Employment Agreement (the " Employment Agreement ") made and entered into effective as of October 28, 2013 by and between CITIZENS  COMMUNITY  FEDERAL  and  CITIZENS  COMMUNITY  BANCORP, INC. (collectively, the " Bank ") and MARK C. OLDENBERG (the " Employee "), is entered into effective as of March 3, 2015 by each of the foregoing parties to the Employment Agreement. Capitalized terms not otherwise defined in this First Amendment will have the meanings given to them in the Employment Agreement.

In consideration of the mutual promises set forth in the Employment Agreement and below, the undersigned agree to amend the provisions of the Employment Agreement as follows:

1.   Effective Time . Section 6 of the Employment Agreement is hereby amended to read in its entirety as follows:

"6.   Term . The Bank hereby employs the Employee, and the Employee hereby accepts such employment under this Agreement, for the period commencing on the Effective Date and ending on December 31, 2016 (or such earlier date as is determined in accordance with section l0)."

2.   No Other Changes . All other terms, conditions, covenants, obligations and agreements in the Employment Agreement shall remain in full force and effect and without any change due to this First Amendment. To the extent this First Amendment is inconsistent with the Employment Agreement, this First Amendment shall govern and control.
 

[Remainder of page intentionally left blank; signature pages follow}

 
 
 
 

 


 
IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment to the Employment Agreement to be executed effective as of the day, month and year first above written.

CITIZENS COMMUNITY FEDERAL

By: _ /s/ Richard McHugh ___________
Richard McHugh, Chairman

CITIZENS COMMUNITY BANCORP, INC.

By: __ /s/ Richard McHugh _________
Richard McHugh, Chairman


EMPLOYEE:


__ /s/ Mark C. Oldenberg __________
Mark C. Oldenberg






 


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